High profitability enables the issuer of the stablecoin Tether to develop new business areas, Paolo Ardoino told The Block CTO.
In the first quarter, the USDT issuing firm earned $1.48 billion in net income, twice as much as in the previous period.
“The appeal of our plan going forward is that we can start to diversify ourselves beyond the stablecoin offering and become an end-to-end technology provider,” Ardoino told The Scoop podcast.
This will require additional expertise in a number of related technical areas, he said.
“Thus, energy, data exchange, financial infrastructure will be key over the next 6-12, and possibly 48 months,” the manager emphasized.
At the time of writing, USDT capitalization has reached $83.06 billion. The indicator has approached the all-time high of $83.21 billion as of May 8, 2022 (CoinMarketCap).
In terms of market supply, Tether’s stablecoin more than doubled its main competitor, USD Coin (USDC) from the Circle consortium.
Recall that in May, the USDT issuer announced a regular allocation of up to 15% of profits for the purchase of bitcoin.
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